No deduction of TDS under Section 194A. Benefits for interest received from recurring and fixed deposit schemes are available. Income Tax in Detail Income tax is paid by every individual person, Hindu Undivided Family, Association of Persons, Body of Individuals, companies, corporate firms, local ...
6/2018 F No Pro DGIT S CPC TDS Notification 2018 19 Government of India Ministry of Finance Central Board of Direct Taxes Directorate of Income tax Systems New Delhi N
The interest income of the user is taxable under section 194A of the Income Tax Act (ITA), 1961. Banks deduct tax on fixed deposits if the interest earned on the same exceeds INR 40,000 in a year. The TDS rate will apply once the earnings go past the threshold limit of INR 40,000...
For Senior Citizens, Under, Section 80TTBof the income tax act, interest income earned from deposits qualifies for a deduction ofupto Rs 50,000in a year. This section is available to senior citizens since April 1, 2018. The benefit of section 80TTA, which allows the deduction of the inte...
The Finance Act 2020 has introduced below new TDS sections/key amendments in TDS Sections one must be aware of: TDS Details Section Name TDS Rates (in %) (AY 2021-22) Remarks TDS on Salaries 192 New Reduced Slab rate for Salaries People introduced. One can go for old tax regime with ...